United States was not on the list of U.S. entrepreneur Bharath Rao when he was on the loo out for raising of money for his crypto-currency derivatives trading business. Instead, he sold the token form the East African island nation Seychelles.

But Rao is not along in this trend.

Many entrepreneurs looking to make IPOs for digital currencies are looking out for countries that are known to better welcome crypto currencies and those that offer lower corporate taxation regimens, as in the U.S. such entrepreneurs have to face enhanced scrutiny from the regulators about find raising for digital currency.

Singapore, Switzerland, Eastern Europe and the Caribbean have been the preferred destinations for such entrepreneurs this year, according to multiple media reports.

Allowing for fast and anonymous transfer of funds that do not have a centralized payment system, cryptocurrencies like the very well-known bitcoin make use encryption and a blockchain transaction database.

The manner in which the business if initial coin offerings is shifting away from countries where national regulators are trying to curb coin sales is shown in the numbers compiled by crypto-currency research firm Smith + Crown.

While there have been 34 digital currency start-up registrations so far in 2017, it is more of a reflection of the role of the Silicon Valley in technology related businesses and the penetration of financial markets in the country instead of the country being welcoming to crypto currency offers.

According to Smith + Crown, this year there were 21 registered in Singapore which is one more than last year and 19 in Switzerland which is three more compared to last year. These are followed by Central Europe with 14 new registered cryptocurrency companies and the Caribbean with 10 companies

“The data affirms our sense that Switzerland and Singapore remain go-to locations, but the U.S. could remain for companies raising large amounts of money,” said Matt Chwierut, Smith + Crown’s research director.

the Swiss Financial Market Supervisory Authority (FINMA) said in September that some parts of initial con offerings might fall under current regulations in Switzerland even though the country does not possess any specific rules on digital coin sales.

Also known as the “crypto-valley” of the world, Zug in South of Zurich is a low-tax region and was the place where firms have carried out four of the five largest token sales that managed to raise more than $600 million.

In contrast, investors were warned by regulators that the present little regulation over crypto currency transactions exposed them to fraud, hacking and theft risks in the United States, Malaysia, Dubai, United Kingdom and Germany while sale of digital coins was banned in China and South Korea this year.

Despite these, consideration of selling such currencies overseas is being mulled by U.S. entrepreneurs on the concerns that there can be emergence of regulators’ views.

“Our lawyers certainly think regulations on utility tokens could change. So for safety, the ICO should be done outside the U.S.,” said Arran Stewart, co-founder of U.S.-based Job.com, an online employment platform which plans a token offering in the Cayman Islands in February.